Nearly all of the stimulus spending scheduled for fiscal 2009 aimed at states and localities is out the door, according to a regular report card on the $787 billion government stimulus issued moments ago by the Government Accountability Office.

The GAO said $48 billion of the $49 billion budgeted to be spent this year on states and localities has been disbursed. The fiscal year ends at the end of this month.

Next year, $110 billion is budgeted to be spent. The impact of the stimulus is being felt by recession-hit state and local governments that would have been forced to raise taxes to make up budget shortfalls, the GAO said.

Of the $48 billion, $11 billion is headed to some 3,800 highway projects, the GAO said. Highway projects get a total of $35 billion under the stimulus.